Term
|
Definition
| Planning, recording, analyzing, interpreting, and financial information. |
|
|
Term
| What is accounting system? |
|
Definition
| A planned process for providing financial information that will be used to management. |
|
|
Term
| What are accounting records? |
|
Definition
| Organized summaries of a business's financial activities. |
|
|
Term
| What often contributes to business failures or bankruptcy? |
|
Definition
| Inaccurate accounting records. |
|
|
Term
| What is a service business? |
|
Definition
| A business that performs an activity for a fee |
|
|
Term
| What is a proprietorship? |
|
Definition
| A business owned by one person. |
|
|
Term
| What does encore music do? |
|
Definition
| They rent office space and the instruments used to teach music lessons. |
|
|
Term
| what is the accouting quation |
|
Definition
| Assets = liabilities + owner's equity |
|
|
Term
| what is the accouting quation |
|
Definition
| Assets = liabilities + owner's equity |
|
|
Term
|
Definition
| Anything of value that is owned. |
|
|
Term
| What are some examples of assets? |
|
Definition
|
|
Term
|
Definition
| Financial right to assets of a business. |
|
|
Term
|
Definition
| An amount owned by a business. |
|
|
Term
|
Definition
| The amount left over after subtracting liabilities from assets. |
|
|
Term
| What is important to remember about the accounting equation? |
|
Definition
| It must be in balance in order to correct. This means that the total of the accounts on the left side of the equation must always equal the total of the amounts on the right side. |
|
|
Term
|
Definition
| equity Business activity that changes assets liabilities or owners' |
|
|
Term
|
Definition
| A record summarizing all information pertaining to a single item In the accounting equation. |
|
|
Term
| What is an account title ? |
|
Definition
| The name given to an account. |
|
|
Term
| What is the cash account for ? |
|
Definition
| Used to summarize information about the amount of money the business has available. |
|
|
Term
| What is the account balance ? |
|
Definition
| The amount in the account. |
|
|
Term
| What is capital account ? |
|
Definition
| he account used to summarize the owner's equity and is the owner's equity account. |
|
|
Term
| What is encore capital account called ? |
|
Definition
| It is called Barbara Trevino, capital . |
|
|
Term
|
Definition
| A financial statement that reports assets, liability, and owner's equity. |
|
|
Term
| What is the major section of the balance sheet? |
|
Definition
| ssets- Located on the left side of the accounting equation. Which means that assets are listed on the left side of the balance sheet. Liabilities are located on the right side of the equation and that means they are located on the right side on the balance sheet. Owner's equity located on the right side of the equation and that mean is also located on the right side of the balance sheet. |
|
|
